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Suppose that q units of a certain item are demanded in market when price is p = D(q) pesos per unit and that manufacturers offer
Suppose that q units of a certain item are demanded in market when price is p = D(q) pesos per unit and that manufacturers offer same number of units when price is p = O(q) pesos per unit, where demand and supply functions are respectively: D(q) =2q+110,0002 and O(q) =2q+4
Find producer and consumer surplus
HELP: q* and p* (in equilibrium) are 96 and 50 respectively.
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